REGISTERED CHARITY NUMBER: 1167646
Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 June 2024
for
The Antonio Carluccio Foundation
Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
The Antonio Carluccio Foundation
Contents of the Financial Statements for the Year Ended 30 June 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 12 |
The Antonio Carluccio Foundation
Report of the Trustees for the Year Ended 30 June 2024
The trustees present their report and the audited financial statements of the charity for the year ended 30 June 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
OBJECTIVES AND ACTIVITIES Objectives and aims
The charitable objectives of the charity are the prevention or relief of poverty and hunger anywhere in the world and training of chefs, cooks and others.
The charity furthers its charitable objectives by use of the donations and legacy payments received to then create grants to other charities who meet the base objectives of the Antonio Carluccio Foundation, specifically aimed at:
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Providing grants to projects which feed those who are suffering food poverty and/or malnutrition
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Financing projects which seek to educate those suffering food poverty and/or malnutrition in a way that they can apply that knowledge to feed themselves and others in a healthy, sustainable manner
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Financing projects and individuals undertaking training of chefs and cooks, so as to extend Antonio's legacy to future generations
By making grants, rather than setting up the various projects, we feel that the money will be more efficiently used, reducing our costs significantly whilst doing the most good.
To manage this aim, we use basic criteria initially to filter out those applications which are not in line with the charity's aims and then filter further via our due diligence process to ensure real alignment is met before presenting the remaining applications to the trustees for a final decision.
The trustees have had due regard to the Charity Commission's guidance on public benefit and are confident that the main activities undertaken to further the charity's purposes are for the public benefit.
ACHIEVEMENT AND PERFORMANCE
The charity now has well established processes, banking facilities, clear objectives and a clear plan to achieve them. The trustees work together efficiently, and funds have been applied very successfully.
During the accounting period, the charity has made grants of £116,846 across 10 projects. The level of grant giving each year is consistent with the charity's flexible approach. We are very pleased that solid progress is continuing to be made in meeting the charity's goals.
The grants are currently separated into two types, Education/Nutrition and Feeding. Over the accounting period, the 10 projects supported were 70% Education/Nutrition and 30% Feeding related. As both types of project were dear to Antonio, we are happy that both have been well supported, with parity between them not being part of our criteria for decision making.
For Education/Nutrition projects, we expect to liaise with each project to receive updates on their successes. We have had some really positive feedback from projects which have delivered, and in some cases, exceeded our expectations.
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The Antonio Carluccio Foundation
Report of the Trustees for the Year Ended 30 June 2024
FINANCIAL REVIEW
Financial position
In previous period the trust's work was currently mainly reliant on donations, and the substantial legacy provided by the estate of Antonio Carluccio. However, we have worked hard to protect the intellectual property we own and leverage it via donations which have now begun to flow from our commercial relationships.
As the charity's funds are currently held in cash within a bank account, there is the risk that should the bank fail, all but £85,000 of the charity's holdings would be lost. However, as we are with an extremely strong bank, we feel that this should not become an issue except in the gravest circumstances for the country. This is an issue we keep under frequent review.
As we fund projects around the world, there is the added danger that Sterling will weaken against world currencies, reducing the 'buying power' against non-UK projects. As currency conversion varies daily, this will always be the case.
The charity received income of £59,672 during the year and made grants totalling £116,846. The total deficit for the year was £60,360.
Due to the current size of the charity, in addition to their duties as trustees, the charity trustees also manage the administration and business of the charity however they receive no remuneration from the charity for fulfilling this role. The trustees were supported in this work by a donation in kind of staff time to the value of £20,000 from Chamberlain Berry LLP towards the day to day running and administration of the charity.
Reserves policy
The reserves of the charity as at 30 June 2024 were £424,240 (2023: £484,600), of which £423,582 (2023: £484,600) were represented by unrestricted funds and £658 (2023: £nil) were represented by restricted funds.
Due to the young age of the charity, the lack of an investment strategy and very few current fixed outgoings, there is no requirement for a reserve fund. As these things change, a strategy will be built for maintaining a reserve to ensure that the charity continues to move into the future.
FUTURE PLANS
Again, due to the young age of the charity and the need to be flexible, firm plans have not yet been made beyond that of continuing to achieve our charitable objectives by making suitable grants to worldwide projects that meet our objectives as previously detailed.
The trustees are delighted to report that in late 2024 the charity entered into an agreement with Harper Collins for the re print of Antonio Carluccio’s book A Passion For mushrooms. The book will be published in the autumn of 2025. As well as further enhancing Antonio Carluccio’s legacy, sales will lead to a small royalty for the charity.
It is the trustees intention to appoint a fourth trustee in the coming year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a constitution and is a charitable incorporated organisation incorporated in England and Wales.
Recruitment and appointment of new trustees
The trustees of the charity are appointed by the existing trustees based on experience.
Organisational structure Trustees
Steven Berry, Chair, Treasurer and Founding Trustee Andrea Stevenson, Founding Trustee Simon Kossoff, CEO and Trustee
There are currently no other roles, employees or linked persons within the charity.
Induction and training of new trustees
Due to the size of the charity and the format of existing roles, there is no current intention to add to the trustees. Should that change, a detailed induction and training programme will be put in place.
Key management remuneration policy
There is no management remuneration, so no need for such a policy to be put in place.
Wider network
Although the intent is to create links to certain charities, this has not yet been finalised.
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The Antonio Carluccio Foundation
Report of the Trustees for the Year Ended 30 June 2024
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1167646
Principal address
c/o Chamberlain Berry LLP 27/28 New Road Chippenham SN15 1HS
Trustees
Mr S Berry Mrs A S C Stevenson Mr S Kossoff
Independent Examiner
Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
Bankers Barclays Bank UK Plc Leicester LE87 2BB
Approved by order of the board of trustees on .....25[th] April 2025.............. and signed on its behalf by:
Mr S Kossoff - Trustee
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Independent Examiner's Report to the Trustees of The Antonio Carluccio Foundation
Independent examiner's report to the trustees of The Antonio Carluccio Foundation
I report to the charity trustees on my examination of the accounts of The Antonio Carluccio Foundation (the Trust) for the year ended 30 June 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
James Gare
Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
Date: .....28[th] April 2025........................
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The Antonio Carluccio Foundation
Statement of Financial Activities for the Year Ended 30 June 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 59,014 EXPENDITURE ON Charitable activities 3 Prevention or relief of poverty and hunger and training of chefs and cooks 120,032 NET INCOME/(EXPENDITURE) (61,018) RECONCILIATION OF FUNDS Total funds brought forward 484,600 TOTAL FUNDS CARRIED FORWARD 423,582 |
Restricted fund £ 658 - 658 - 658 |
2024 Total funds £ 59,672 120,032 (60,360) 484,600 424,240 |
2023 Total funds £ 9,246 93,406 (84,160) 568,760 484,600 |
|---|---|---|---|
The notes form part of these financial statements
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The Antonio Carluccio Foundation
| Balance Sheet | |||
|---|---|---|---|
| 30 June 2024 | |||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors | 8 | 2,413 | 2,413 |
| Cash at bank | 495,605 | 485,061 | |
| 498,018 | 487,474 | ||
| CREDITORS | |||
| Amounts falling due within one year | 9 | (73,778) | (2,874) |
| NET CURRENT ASSETS | 424,240 | 484,600 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 424,240 | 484,600 | |
| NET ASSETS | 424,240 | 484,600 | |
| FUNDS | 11 | ||
| Unrestricted funds | 423,582 | 484,600 | |
| Restricted funds | 658 | - | |
| TOTAL FUNDS | 424,240 | 484,600 |
The financial statements were approved by the Board of Trustees and authorised for issue on .. 25[th] April 2025......... and were signed on its behalf by:
Mr S Kossoff - Trustee
The notes form part of these financial statements
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The Antonio Carluccio Foundation
Notes to the Financial Statements for the Year Ended 30 June 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The Antonio Carluccio is a charitable incorporated organisation (CIO) registered in England and Wales. The address of the principal office is given in the charity information on page 2 of these financial statements. The nature of the charity's operations and principal activities are detailed in the Report of the Trustees.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 (the SORP), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Income
All income is recognised in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
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The Antonio Carluccio Foundation
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
1. ACCOUNTING POLICIES - continued
Allocation and apportionment of costs
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include governance costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
Financial Instruments
The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:
Financial assets - other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 9.
Cash at bank - is classified as a basic financial instrument and is measured at face value.
Financial liabilities - accruals are financial instruments, and are measured at amortised cost as detailed in note 10.
Taxation
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. DONATIONS AND LEGACIES
| Donations Royalties |
2024 £ 55,524 4,148 59,672 |
2023 £ 4,720 4,526 |
|---|---|---|
| 9,246 |
The donated services and facilities received by the charity were in relation to the general administration of the charity.
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The Antonio Carluccio Foundation
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
3. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities Support (see note costs (see 4) note 5) £ £ Prevention or relief of poverty and hunger and training of chefs and cooks 116,846 3,186 4. GRANTS PAYABLE 2024 £ Prevention or relief of poverty and hunger and training of chefs and cooks 116,846 The total grants paid to institutions during the year was as follows: 2024 £ Action Through Enterprise 5,000 Holy Trinity Church Sunningdale 13,000 Clink 35,000 ePap Children's Feeding Project 20,000 St Paul's CofE - Dauntsey Vale Link 5,000 Ulster University 10,000 The Good Kitchen Mussomeli 3,846 Action Against Hunger - BLAGC - Manorfield Primary School 10,000 Fairshare Midlands 10,000 Todiwala Foundation/ Zest Quest 5,000 116,846 5. SUPPORT COSTS Governance Management costs £ £ Prevention or relief of poverty and hunger and training of chefs and cooks 1,129 2,057 |
Totals £ 120,032 2023 £ 72,500 2023 £ - - 35,000 - 10,000 - - - 20,000 7,500 - - - 72,500 Totals £ 3,186 |
|---|---|
Accountant's / Independent examiner's remuneration
The total fee for the independent examination and accountancy is £2,583 (2023: Total accountancy fee was £2,350).
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.
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The Antonio Carluccio Foundation
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
6. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
During the year one trustee was reimbursed for travel and other expenses totalling £66.24 (2023: £0)
Key management personnel remuneration
The charity considers its key management personnel comprise the trustees. No employee benefits were received by key management personnel.
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 9,246 EXPENDITURE ON Charitable activities Prevention or relief of poverty and hunger and training of chefs and cooks 83,552 NET INCOME/(EXPENDITURE) (74,306) RECONCILIATION OF FUNDS Total funds brought forward 558,906 TOTAL FUNDS CARRIED FORWARD 484,600 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses Accruals for grants payable 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted fund fund £ £ Current assets 497,360 658 Current liabilities (73,778) - 423,582 658 |
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The Antonio Carluccio Foundation
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
11. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Ukraine Crisis - Food For Heroes TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Ukraine Crisis - Food For Heroes TOTAL FUNDS |
At 1.7.23 £ 484,600 - 484,600 Incoming resources £ 59,014 658 59,672 |
Net movement At in funds 30.6.24 £ £ (61,018) 423,582 658 658 (60,360) 424,240 Resources Movement expended in funds £ £ (120,032) (61,018) - 658 (120,032) (60,360) |
|---|---|---|
Comparatives for movement in funds
| At 1.7.22 £ Unrestricted funds General fund 558,906 Restricted funds Ukraine Crisis - Food For Heroes 9,854 TOTAL FUNDS 568,760 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 9,246 Restricted funds Ukraine Crisis - Food For Heroes - TOTAL FUNDS 9,246 |
Net movement At in funds 30.6.23 £ £ (74,306) 484,600 (9,854) - (84,160) 484,600 Resources Movement expended in funds £ £ (83,552) (74,306) (9,854) (9,854) (93,406) (84,160) |
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The Antonio Carluccio Foundation
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
11. MOVEMENT IN FUNDS - continued
Fund descriptions
Ukraine Crisis - Food For Heroes - The Foundation is working with friends and supporters to deliver food supplies to people impacted by the war in Ukraine.The project has two elements to it:
- funding the World Central Kitchen who are on the ground setting up kitchens and cooking for displaced people in Ukraine and Poland and our friends Action Against Hunger who are working in Moldova. - providing a direct aid delivery into the crisis area.
12. RELATED PARTY DISCLOSURES
There were no related party transactions in either the year ended 30 June 2024 or 30 June 2023.
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